Bitcoin Price Prediction as Renewed Buying Hint at Rally to $48000

Bitcoin Price Prediction: Bitcoin, the largest cryptocurrency by market cap, has been on a remarkable recovery path since early December. Starting the month at $37,655, it has witnessed a substantial increase of 18%, reaching a 20-month high of approximately $44,530. This positive trend was further validated when Bitcoin price broke the upper trend line of an expanding channel pattern, indicating that buyers are preparing to extend the uptrend.

Also Read: Bitcoin Core v26.0 is now available, BTC price is set at $50000

Will BTC recovery surpass $48000?

  • A bullish breakout of the retest phase resistance trendline offers additional confirmation of the recovery.
  • A long-tailed rejection candle indicates that buyers are piling into a market decline.
  • The intraday trading volume in Bitcoin is $36.9 billion, indicating a 101% gain.
Bitcoin price prediction

Bitcoin Price Prediction | TradingView Chart

On December 5, Bitcoin price achieved a decisive breakout from the upper trend lines of the expanding channel pattern. Typically, this pattern suggests growing uncertainty among market participants.

However, a breakout to the upside indicates a stronger conviction on the part of buyers to maintain the uptrend. In recent days, BTC price has gone through a retest phase around the $44,000 level, struggling to stay above the previously surpassed resistance.

Earlier today, a recent sell-off caused the price to drop to $40,300, but it quickly recovered, showing strong buying pressure. This recovery took the price to the current level of around $45,000, marking a bullish breakout from a recently established resistance point.

If this momentum holds, the post-breakout rally could push BTC price 10% higher, reaching around $48,276.

Market Confidence Soars as Bitcoin Open Interest Hits High of $19.61 Billion

Source: CoinGlass

Dollar-denominated open interest in Bitcoin futures has shown notable growth, indicating increased market activity and investor interest. According to data from CoinGlass, in just two months, this open interest value has increased from $11.8 billion to $19.61 billion, the highest value recorded over the past year. This substantial increase in open interest, coupled with the continued recovery in Bitcoin price, reflects growing confidence among investors and increased interest in the cryptocurrency.

  • Bollinger Band: A drop to the upper boundary of the Bollinger Band indicator could offer additional resistance around $44,700.
  • Relative Strength Index: A daily RSI above 60% could reflect that the bullish sentiment in the market is intact.

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